Stock markets in the Gulf closed mixed on Tuesday as investors assessed U.S. President Donald Trump’s latest tariff threats, with the Saudi index rising on the back of property and telecom shares.
On Monday, Trump revealed plans to impose tariffs on imported computer chips and certain metal imports, among other products. This move is likely to affect industries from technology to manufacturing and may have far-reaching consequences for the global economy.
Saudi Arabia’s benchmark index (.TASI) gained 0.4%, led by a 1.6% rise in the country’s biggest lender Saudi National Bank (1180.SE).
Among other gainers, Jabal Omar Development Company (4250.SE), a real estate firm based out of Mecca, jumped 7.5%, rising for a third consecutive session.
The kingdom’s Capital Market Authority (CMA) on Monday said foreign investors will be permitted to invest in Saudi-listed real estate companies operating in Mecca and Medina from Jan. 27.
Elsewhere, Saudi Telecom Company (7010.SE) advanced 2.2%, after the firm said it won a contract worth 32.64 billion riyals ($8.70 billion) from a government entity to build, operate and provide telecommunications infrastructure services.
Dubai’s main share index (.DFMGI) fell 0.3%, hit by a 4% slide in Emaar Development (EMAARDEV.DU).
In Abu Dhabi, the index (.FTFADGI) concluded flat.
Oil prices – a catalyst for the Gulf’s financial markets – edged higher but remained near a two-week low, as weak economic data from China and rising temperatures elsewhere dampened demand prospects.
The Qatari benchmark (.QSI) added 0.1%, helped by a 1.1% gain in petrochemical maker Industries Qatar (IQCD.QA) and a 0.8% increase in Qatar International Islamic Bank (QIIB.QA) ahead of its earnings.
Outside the Gulf, Egypt’s blue-chip index (.EGX30) eased 0.3%, with Talaat Moustafa Holding (TMGH.CA) declining 1.8%.
($1 = 3.7507 riyals)
Source: Reuters.com